SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS (Continued) Illustrating life expectancy The table below shows sample life expectancy for a male aged 60 at fiscal year end, and life expectancy for a male aged 60 in 20 years time, taken from mortality tables used in determining regional plan obligations. 2010 Southern United North Africa Belgium* Netherlands Germany Austria Switzerland Kingdom America Life expectancy of male aged 60 at fiscal 2010 ................. 18.6 21.5 24.7 23.3 24.3 21.8 25.0 22.1 Life expectancy of male aged 60 at fiscal 2030 ................. 19.5 21.5 26.6 26.2 27.2 21.8 27.0 22.1 * The plan provides a lump sum only on retirement. Life expectancy in retirement is not relevant, but has been included here for illustrative purposes. Illustrating Sensitivity The discount and salary increase rates can have a significant effect on the amounts reported. The table below illustrates the effect of changing key assumptions: 2010 1% increase 1% decrease 1% increase 1% decrease 1% increase 1% decrease in salary in salary in heath in health in discount in discount increase increase care cost care cost rate rate rate rate trend rate trend rate (US$ million) (Decrease) increase in defined benefit pension obligation .............. Increase in aggregate of current service (234) 284 52 (30) cost and interest cost ............ (Decrease) increase in defined other — 4 — — benefit obligation ............... Increase (decrease) in aggregate of (19) 21 17 (14) current service cost and interest cost . — 1 2 (1) Investment management and strategy Plan fiduciaries set investment policies and strategies for the local trusts. Long-term strategic investment objectives include preserving the funded status of the trust and balancing risk and return while keeping in mind the regulatory environment in each region. The plan fiduciaries oversee the investment allocation process, which includes selecting investment managers, setting long-term F-73
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS (Continued) strategic targets and rebalancing assets periodically. Target versus actual weighted average allocations (by region) are shown below: 2010 2009 Southern Europe North Southern Europe North Africa (incl UK) America Africa (incl UK) America (%) Weighted average target asset allocation by region Equity Securities ................. 26 21 38 21 25 38 Debt Securities* .................. 47 60 44 57 60 49 Real Estate ..................... 5 5 — — 6 — Other** ........................ Weighted average actual asset allocation by region 22 14 18 22 9 13 Equity Securities ................. 27 20 38 25 20 41 Government Debt Securities ......... 27 45 6 40 25 6 Debt Securities .................. 23 19 38 17 42 40 Real Estate ..................... 5 5 — — 5 — Other** ........................ 18 11 18 18 8 13 * Target asset allocations do not routinely split between corporate and government bonds ** Investments that can transcend several asset classes, equity overlay on bond strategy, cash and near cash, funds heavily influenced by currency. Expected benefit payments from pension and other benefit plans are as follows: Defined benefit Other defined pension plans benefit plans Payable in the year ending September: 2011 ................................... 100 12 2012 ................................... 99 13 2013 ................................... 103 12 2014 ................................... 105 12 2015 ................................... 108 12 Years 2016–2020 .......................... 605 63 F-74
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As filed with the Securities and Ex
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Item 7. Major Shareholders and Rela
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References to ‘‘NBSK’’ are
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PART I ITEM 1. IDENTITY OF DIRECTOR
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Risk Factors In addition to other i
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For further information, see ‘‘
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terms of the debt being refinanced.
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The inability to recover increasing
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A large percentage of our employees
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merge or consolidate with other com
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we operate. The transaction was app
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currencies as we can benefit from i
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Major Product Categories Pulp: Desc
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for coated mechanical paper decline
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The chart below represents our oper
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The following table sets out the ap
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The following table sets forth sale
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Kangas. As a direct result of the g
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Customers Sappi Fine Paper sells it
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The following chart sets forth cert
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Construction on the expansion proje
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lease extendable to 2089. The locat
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North America Wood In connection wi
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Pulp Sappi Fine Paper Europe produc
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ENVIRONMENTAL AND SAFETY MATTERS En
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and management of forests are all r
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ORGANIZATIONAL STRUCTURE Sappi Limi
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Approximate Secured / Location Use
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than we use. By region, the South A
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‘‘—Markets’’ for a furthe
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'000 metric tonnes 8,000 7,000 6,00
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The price of NBSK and Bleached Hard
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ZAR/US$ 16.00 14.00 12.00 10.00 8.0
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The fiscal period average three-mon
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employees from the beginning of 200
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The Sappi Southern Africa reportabl
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Movements in operating profit and o
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Operating profit in fiscal 2009 was
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Sappi Southern Africa Key figures:
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Comparing fiscal 2010 with fiscal 2
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This comparison includes the closur
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African operations into the US doll
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Sappi Fine Paper North America Comp
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Taxation 2010 2009 (US$ million) 20
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elation to inventory levels and rec
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Capital expenditure by region is as
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Over the past three years the relat
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Group’s securitization programs,
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Credit Facility terminate on May 31
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quarters ending from January 2012 t
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As no default event has occurred, n
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In addition, Sappi Fine Paper North
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areas where our South African busin
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Recoveries in equity markets couple
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Impairment of assets other than goo
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The gains or losses, which are reco
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The Group’s policy is to recogniz
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ITEM 6. DIRECTORS, SENIOR MANAGEMEN
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Deenadayalen (Len) Konar Sappi boar
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Mohammed Valli (Valli) Moosa Other
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Rudolf Thummer Sappi board committe
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Executive Officers The Executive Di
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companies have to comply with domes
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average more than 45% of the employ
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For a detailed description of the S
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Pursuant to the Companies Amendment
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Post transaction shareholding struc
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Dividends We consider dividends on
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ITEM 9. THE OFFER AND LISTING Offer
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ITEM 10. ADDITIONAL INFORMATION Mem
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holder of the beneficial interest i
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Voting Rights Subject to any rights
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provision of the New Act by any oth
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South African Companies Act, 2008 A
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state securities laws. The securiti
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documents are the agent for the new
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Dividends There are no restrictions
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STC STC is imposed on South African
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with any connected persons) held mo
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of our ordinary shares or ADSs, as
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of gain recognized on a sale or oth
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integrated operations could be adve
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PART II ITEM 13. DEFAULTS, DIVIDEND
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(d) Changes in Internal Control ove
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PART III ITEM 17. FINANCIAL STATEME
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4.13 Credit Agreement, dated August
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SIGNATURES The registrant hereby ce
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REPORT OF THE INDEPENDENT REGISTERE
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SAPPI GROUP STATEMENT OF COMPREHENS
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SAPPI GROUP CASH FLOW STATEMENT for
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SAPPI NOTES TO THE GROUP ANNUAL FIN
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SAPPI CONDENSED SAPPI LIMITED COMPA
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SAPPI NOTES TO THE CONDENSED SAPPI
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SAPPI LIMITED

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